What can you do/ tell the finance company/repo if the car no longer exists?

Question

Basically if the car they are financing no longer exists for WHATEVER reason, what is there to do ? How does this work?

Answer 1

That's what you tell them. They can't repo something no longer in existence. However, it will effect your credit unless you pay it off

Answer 2

You are still responsible for any money owed on the car.  If you do not pay, they may sue you for the money.

Answer 3

It's not the car they want or even care about per se, it's the balance of the loan.  By taking the car they can auction it off or else you pay to get it back.  If grabbing the car is not an option they will pursue other avenues to get their money.  I co-signed for  a relative a while back.   The car was totaled and the insurance paid.  I come to find out he did not pay the finance company.  Why pay for a car he didn't have, right?  About 4 years later my H&R person comes down to tell me a court has ordered garnishment of my wages for the reminder of the loan.   You still have to pay regardless of what happens to the car.  (You can't cancel the check you wrote for groceries because they've been eaten and no longer exist).  Call the finance company.  If you are up front and stay in contact they will not have to treat you as uncooperative and will work with you.  Trust me. You do not want a judgment against you on your credit report.

Answer 4

The car was their "security" that you'd pay the loan. If the security no longer exists, the unsecured loan is usually accelerated and payable immediately, unless you substitute some other valuables (a lien on your house?).  For example, car is burned or totaled: insurance pays, you take insurance money and pay off the loan. Everyone is happy.

On the other hand, if you made the car "disappear" to avoid it being repo'd, that would be fraud (a crime), and you would have to pay criminal fines as well as pay off the loan.

Answer 5

Investigate first where is the car. Maybe you'll find a way to get it back since you are responsible for it.  

Answer 6

a UFO just took the car last night!

it will always work!

Answer 7

http://infoanswering.jouwstartpagina.com

you can get much information in this website, If you will check anyone blue link in website

Answer 8

If the car no longer exists for whatever reason,  you will need to get Proof (a police report) that the car was stolen, or burned or thrown in a river or whatever.   Insurance Companies want PROOF the car is no longer in existence before they'll pay the repo or finance company And the Only way to get Proof is thru a Police Report or a Junk Yard reciept that the car was junked But the insurance company will not pay on a Junked car Unless there was an accident but then again they would have been a Police Report.

Cars do disappear but if you owe money on them, You're still responsible for paying the balance for it Unless you had insurance and can show Proof that the car is missing/ burned up/ thrown in a river, etc,  thru a police report.  Good Luck